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aev [14]
3 years ago
5

Q-mart failed to include inventory that was kept in a separate warehouse in its 12/31 end-of-the-period inventory count. Consequ

ently, the ending inventory on 12/31 was understated on the balance sheet. Explain how this error will effect the income statement. (Check all that apply.)
Business
1 answer:
Ahat [919]3 years ago
6 0

Answer:

If the ending inventory was understated, that means that the cost of goods sold will be overstated. If the cost of goods sold was overstated, then net profits were understated.

Explanation:

Imagine a company that sells shoes:

It bought 100 shoes at $100 each during the whole year and their ending inventory was 10 units. This means that cost of goods sold was (100 - 10) x $100 = $9,000. But someone discovered 5 pairs in some shelf that were not included in the ending inventory, then the real ending inventory was 15 units = $1,500 and not $1,000. That also means that the cost of goods sold was $8,500, not $9,000. Lower costs = higher profits.

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Do you think being charitable can be taught?
lesya692 [45]

Answer:

Yes, I feel like anyone can be taught what charitable means and what it is. Its all about helping..and anyone could learn that without being taught

Explanation:

5 0
3 years ago
$1,000 of supplies were purchased at the beginning of the month. $300 were used during the month. (The Supplies account was incr
lyudmila [28]

Answer:

Explanation:

Given that

Beginning of month supplies purchased for $1,000

And, the supplies used = $300

So, The adjusting entry is as follows

1. Supplies expense A/c Dr $700

               To supplies A/c $700

(Being supplies expense is recorded)

The supplies expense is computed by

= Supplies balance - supplies used

= $1,000 - $300

= $700

7 0
3 years ago
Too little spending in an economy often leads to:__________
vlabodo [156]

Too little spending in an economy often leads to: Recession

A recession is an important, widespread, and a very long downturn in  any economic activity. Because recessions generally lasts for six months and more, one common rule of thumb is that two consecutive quarters of decline in a country's Gross Domestic Product will constitute a recession.

Economists which includes  those at the National Bureau of Economic Research defines the recession as an economic contraction which  starts at the peak of the expansion that preceded it and also ends at the low point of the ensuing downturn.

To know more about recession here:

brainly.com/question/14735206

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7 0
2 years ago
Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyo
UNO [17]

Answer:

cyclical unemployment.

Explanation:

Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called cyclical unemployment.

3 0
2 years ago
Process costing is applied to operations with repetitive production and customized products. True or False
Advocard [28]

Answer:

False

Explanation:

Process costing systems are usually applied by companies that mass produce large volumes of standardized or nearly identical units on a continuous basis. It is not applied in the manufacturing of customized units.

The main advantages of process costing systems are that they are more flexible when management wants to introduce changes to the production process, and it can be used by management to determine which processes or materials can be targeted in order to lower costs.

3 0
3 years ago
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